Form Ct-1120k - Business Tax Credit Summary

Form CT-1120K Instructions

Complete this form in blue or black ink only.

If the tax credit carrybacks will expire at the same

If the taxpayer is claiming a tax credit against more

time, tax credits must be taken in the order in which

than one tax type, a duplicate Form CT-1120K and

Form CT-1120K, Business Tax Credit Summary, must

the corporation may receive the maximum benefit.

applicable tax credit forms must be attached to each

be attached to Form CT-1120, Corporation Business

tax return for which a tax credit is being claimed.

3. Any tax credit that may not be carried back to a

Tax Return, or the applicable tax form whenever tax

preceding income year and that may not be carried

credits from the current income year are being claimed

Any tax credit balance that remains after applying the tax

forward to a succeeding income year must be

or carryforward tax credit balances exist from a

credits to the current year tax may be carried forward

claimed next, in the order in which the corporation

prior year.

or carried back as provided in the Connecticut General

may receive the maximum benefit.

Statutes, if the tax credit has not expired.

Taxpayers subject to the domestic and foreign insurance

4. Any tax credit that may be carried forward to a

premiums tax and the health care centers tax must

Part I-A — Financial Institutions Tax Credit

succeeding income year must be claimed next.

complete Form CT-207K, Insurance / Health Care Tax

Any tax credit carryforward that will expire first must

Line 1 - Enter in Column A the tax credit

Credit Schedule, and attach it to Form CT-207, Insurance

earned in 2013. Enter in Column B the amount

be claimed before any tax credit carryforward that

Premiums Tax Return Domestic Companies; Form

actually applied to the corporation business tax.

will expire later. If the tax credit carryforwards will

CT-207F, Insurance Premiums Tax Return Nonresident

The total amount applied in Column B cannot exceed

expire at the same time, tax credits must be taken

and Foreign Companies; or Form CT-207HCC, Health

the amount in Part II, Line 1.

in the order in which the corporation may receive

Care Center Tax Return.

the maximum benefit.

Part I-B — Tax Credits With Carryback Provisions

Taxpayers subject to the personal income tax must

5. The Electronic Data Processing Equipment

complete Form CT-IT, Income Tax Credit Summary,

Enter in Column A all of the tax credits earned in

Property tax credit must be applied last, after all

and attach it to Form CT-1040, Connecticut Resident

2013 that have a carryback provision. The tax credits

other tax credits have been applied.

Income Tax Return; Form CT-1040NR/PY, Connecticut

indicated here are applied to the current year tax

Limits on Credits: The amount of tax credits otherwise

first. Any remaining balance may be claimed against

Nonresident or Part-Year Resident Income Tax Return;

allowable against the corporation business tax for any

Form CT-1040X, Amended Connecticut Income Tax

a preceding year tax by filing Form CT-1120X,

income year shall not exceed 70% of the amount of

Return for Individuals; or Form CT-1041, Connecticut

Amended Corporation Business Tax Return, or the

tax due prior to the application of the tax credit.

Income Tax Return for Trusts and Estates.

appropriate amended tax return. If carrying forward a

housing program contribution tax credit, also complete

No tax credit can be applied against the minimum tax

Additional information about Connecticut tax credits

of $250.

Part I-D.

is available in our online Guide to Connecticut

Business Tax Credits available on the DRS website

Form CT-1120K must be attached to the tax returns

Enter in Column B the amount actually applied to

covered under the following Connecticut General

the corporation business tax. The total of Column B

cannot exceed the amount in Part II, Line 3.

Statutes chapters, when tax credits from the current

Corporation business tax credits must be applied in a

specific order, where a corporation is eligible to claim

income year are being claimed or when carryforward

Enter in Column C the amount applied to taxes

tax credit balances exist from the prior year:

more than one tax credit. In no event, however, shall

other than the corporation business tax. The total of

any tax credit be claimed more than once. The order

• Corporation business tax under Chapter 208;

Column C cannot exceed the amount in Part III,

is as follows:

• Unrelated business income tax under Chapter 208a;

Line 1.

1. The Financial Institutions tax credit must be applied

• Air carrier tax under Chapter 209;

Enter in Column D the amount of tax credit carried

before any other tax credit.

back to prior years.

• Railroad companies tax under Chapter 210;

2. Any tax credit that may be carried back to a

• Community antenna television system companies

Line 2 - Enter the Neighborhood Assistance Act (NAA)

preceding income year must be applied after the

tax credit. Any remaining balance may be carried

tax under Chapter 211;

Financial Institutions tax credit, but before any other

back to the two immediately preceding income

• Utility companies tax under Chapter 212; and

tax credit. Any tax credit carryback that will expire

years.

• Public service companies tax under Chapter 212a.

first must be claimed before any tax credit carryback

that will expire later.

Form CT-1120K (Rev. 12/13)

Page 4 of 5

Form Ct-1120k - Business Tax Credit Summary - 2013 Page 4

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